IRS: Chief Counsel Had No Early Knowledge of Targeting

Under the ASU, inventory is “measured at the lower of cost and net realizable value,” which eliminates the need to determine replacement cost and evaluate whether it is above the ceiling net realizable value or below the floor. The FASB did not amend other guidance on measuring inventory, such as the LIFO, FIFO and average cost method. In addition to reducing complexity, the proposal would make U.S. GAAP more comparable to IFRS.

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Risk & Compliance provides news and commentary to corporate executives and others who need to understand, monitor and control the many risks that can tarnish brands, distract management and harm investors. Its content spans governance, risk and compliance and includes analysis of the significance of laws and regulations, the risks inherent in global expansion and the protective moves taken by companies.